World Acceptance Corporation Reports Ongoing Cooperation with CFPB Investigation
World Acceptance Corporation (NASDAQ:WRLD) today reported that it continues to cooperate with an investigation of the Company by the Consumer Financial Protection Bureau (the “CFPB”). As previously disclosed, the Company received a Civil Investigative Demand from the CFPB on March 12, 2014 and responded to broad requests for production of documents, answers to interrogatories and written reports related to loans made by the Company and other aspects of the Company’s business.
Sandy McLean, World Acceptance Corporation’s Chairman and CEO, said, “The CFPB investigation is an ongoing process that we take seriously, and we are working with the CFPB to be responsive to its requests as they are made. Given the nature of this process, we expect there may continue to be follow-up requests and interactions as part of the investigation. At this point, we believe it would be premature and speculative to comment on the timing or potential resolution of the investigation.”
About World Acceptance Corporation
World Acceptance Corporation is one of the largest small-loan consumer finance companies, operating 1,314 offices in 15 states and Mexico as of December 31, 2014. It is also the parent company of ParaData Financial Systems, a provider of computer software solutions for the consumer finance industry.
This press release contains various “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that represent the Company’s expectations or beliefs concerning future events. Statements other than those of historical fact, as well as those identified by the words “anticipate,” “estimate,” “intend,” “plan,” “expect,” “believe,” “may,” “will,” and “should” or any variation of the foregoing and similar expressions are forward-looking statements. Such forward-looking statements are about matters that are inherently subject to risks and uncertainties. Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include the following: recently enacted, proposed or future legislation and the manner in which it is implemented; the nature and scope of regulatory authority, particularly discretionary authority, that may be exercised by regulators, including, but not limited to, the CFPB, having jurisdiction over the Company’s business or consumer financial transactions generically; the unpredictable nature of regulatory proceedings and litigation; and any determinations, findings, claims or actions made or taken by the CFPB, other regulators or third parties in connection with or resulting from the previously disclosed civil investigative demand from the CFPB that assert or establish that the Company’s lending practices or other aspects of its business violate applicable laws or regulations. These and other factors are discussed in greater detail in Part I, Item 1A, “Risk Factors” in the Company’s most recent annual report on Form 10-K for the fiscal year ended March 31, 2014 filed with the Securities and Exchange Commission (“SEC”) and the Company’s other reports filed with, or furnished to, the SEC from time to time. World Acceptance Corporation does not undertake any obligation to update any forward-looking statements it makes. The Company is also not responsible for updating the information contained in this press release beyond the publication date, or for changes made to this document by wire services or Internet services.
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